Business
Westhaven Announces C$5.0 Million Bought Deal Private Placement of FlowThrough Common Shares
VANCOUVER, British Columbia, May 25, 2020 (GLOBE NEWSWIRE) -- Westhaven Ventures Inc. (“Westhaven” or the "Company") (TSX-V:WHN) is pleased to announce that it
About this update from Westhaven Gold Corp
[{"type":"text","content":" VANCOUVER, British Columbia, May 25, 2020 (GLOBE NEWSWIRE) -- Westhaven Ventures Inc. (“Westhaven” or the \"Company\") (TSX-V:WHN) is pleased to announce that it has entered into an agreement with PI Financial Corp., as lead underwriter and on behalf of a syndicate of underwriters (collectively, the “Underwriters”), pursuant to which the Underwriters shall purchase 5,264,000 common shares that qualify as “flow-through shares” of the Company for the purposes of the Income Tax Act (Canada) (the “Flow-Through Common Shares”) at a price of C$0.95 per Flow-Through Common Share, on a “bought deal” private placement basis, for aggregate gross proceeds to the Company of approximately C$5.0 million (the “Offering”). The Company has also granted the Underwriters an option to purchase up to an additional 1,052,800 Flow-Through Common Shares at the offering price up to the Closing Date. The gross proceeds from the Offering will be used to incur “Canadian exploration expenses” (within the meaning of the Income Tax Act (Canada)) and “BC flow-through mining expenditures” (within the meaning of the Income Tax Act (British Columbia)), related to Westhaven’s projects in British Columbia, Canada. The Company will renounce these expenses to the purchasers with an effective date of no later than December 31, 2020. The Offering is scheduled to close on or about June 16, 2020 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange. The Flow-Through Common Shares will be subject to a four month hold period from the date of closing of the Offering. In consideration for their services, the Underwriters will receive a cash commission equal to 5.0% of the gross proceeds of the Offering, including any proceeds realized from the exercise of the Underwriters’ option. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securitie...